Every alert shows a tag that identifies the type of wallet. Knowing the tag changes everything - the same $50M transfer means something completely different depending on who sent it.
Exchange
Hot and cold wallets of centralized exchanges. Inflow = selling pressure. Outflow = accumulation. The most watched tag.
Inflow → Bearish
Outflow → Bullish
ETF
Bitcoin ETF custodial wallets. These move when institutional investors buy or sell ETF shares. Largest single-day flows in history came from here.
Inflow → Strong bullish
Outflow → Institutional exit
Examples:
BlackRock, Grayscale, ARK Invest, Bitwise, Fidelity, WisdomTree
Market Maker
Professional trading firms providing liquidity. Their moves are rarely directional - usually rebalancing. Don't over-interpret MM flows.
Neutral - liquidity ops
Examples:
Wintermute, Jump Crypto, Cumberland DRW, Galaxy Digital, GSR
Crypto Fund
Hedge funds and investment vehicles with crypto mandates. Directional positions - their moves often precede market moves by hours.
Watch direction carefully
Examples:
Abraxas Capital, AP Capital, Fasanara, Alameda Research
Custodian
Third-party custody providers holding coins on behalf of institutions. Moves here = institutional client activity. Usually long-term storage.
Watch client context
Examples:
BitGo, Ceffu, Fidelity Custody, Copper, Anchorage, Cobo
Government
State-controlled wallets from seized assets or strategic reserves. Government moves make headlines. Any outflow is major market news.
Outflow → Major sell pressure
Examples:
U.S. Government, U.K. Government
Corporate Treasury
Public companies holding BTC as treasury assets. Moves signal corporate strategy changes. Buys are PR events - sells are rare but impactful.
Adds credibility to BTC thesis
Examples:
Tesla, SpaceX, Hut 8, Twenty One Capital
Hacker
Wallets linked to known exploits. Any movement is closely watched by the entire market - exchanges blacklist receiving addresses immediately.
Any move = market alert
Examples:
Mt. Gox Hacker
Unknown Holder
Large unidentified wallets tracked by cumulative behavior. No public label but movement patterns suggest significant players. Watch their history.
Context from history
Examples:
Unknown Holder #7, #9, #15...